This page contains element information about contracts:
Contracts are agreements enforceable in court.
Freedom to contract is basic to life in a democracy. Our economy is built on contracts.
Contracts require a valid offer and acceptance, genuine agreement, legality, consideration, and capacity. Some contracts must be placed in writing.
The party making the offer is the offeror. The party accepting the offer is the offeree.
An offer must: (a) be made with offeror's apparent intention to be bound by it, (b) be complete and clear, and (c) be communicated to the offeree.
If not accepted, and offer is ended (a) at the time stated in the offer, (b) or at the end of a reasonable time if no time is stated, (c) by rejection, (d) by counteroffer, (e) by the offeror's revocation, or (f) by death or insanity of either of the parties.
In general, an offeror is not obliged to keep an offer open for a specified time even if the offeror has promised to do so.
In contracts for the sale of serices or realty, the offeree must accept the offer unconditionally and in the exact form and manner indicated by the offeror. In contracts for the sale of goods, acceptances can vary the terms of offer.
An acceptance must be communicated to the offeror. The acceptance is effective when sent if sent by the required means. If there is no required means, it is effective when sent by the cutomary means, the same means, or a faster means. A slower means will be effective under the UCC if it is reasonable under the circumstances.
To be valid, a contract must not violate the law (constitutional, statutory, or case), nor be contrary to public policy in its formation, purpose, or performance.
Unless so required by the statute of frauds, contracts need not be in writing to be enforceable.
An express contract is stated in words- written or spoken. An implied contract is shown by conduct of the parties and by surrounding circumstances.
An executory contract has not been fully performed. An executed contract has been completed by both parties.
A memorandum of an agreement need not be in any special form. The requirements for the content of a writing under the common law vary greatly from state to state.
Both sales of goods and contracts to sell goods are governed by a combination of basic contract law and special UCC provisions on sales. Transfers of ownership of other types of property, such as intangible personal property and real estate, are governed by different laws.
Both benefits and burdens go with ownership of goods.
Merchants generally are held to a higher standard of conduct by the UCC than are casual sellers.
Neither payment nor delivery is essential for transfer of title.
Unless otherwise required by statute, sales or contracts to sell may be oral, written, or implied from the conduct of the parties.
Price may consist of anything such as money, services, or goods-whatever was agreed upon by the parties as consideration.
Payment occurs when the buyer delivers the price and the seller accepts it.
Receipt of goods occurs when the buyer takesphysical possession or control of the goods.
Acceptance of the goods occurs when the buyer indicates that the goods received are satisfactory.
A bill of sale may provide useful evidence of the transfer of title to goods.
Contracts are agreements enforceable in court.
Freedom to contract is basic to life in a democracy. Our economy is built on contracts.
Contracts require a valid offer and acceptance, genuine agreement, legality, consideration, and capacity. Some contracts must be placed in writing.
The party making the offer is the offeror. The party accepting the offer is the offeree.
An offer must: (a) be made with offeror's apparent intention to be bound by it, (b) be complete and clear, and (c) be communicated to the offeree.
If not accepted, and offer is ended (a) at the time stated in the offer, (b) or at the end of a reasonable time if no time is stated, (c) by rejection, (d) by counteroffer, (e) by the offeror's revocation, or (f) by death or insanity of either of the parties.
In general, an offeror is not obliged to keep an offer open for a specified time even if the offeror has promised to do so.
In contracts for the sale of serices or realty, the offeree must accept the offer unconditionally and in the exact form and manner indicated by the offeror. In contracts for the sale of goods, acceptances can vary the terms of offer.
An acceptance must be communicated to the offeror. The acceptance is effective when sent if sent by the required means. If there is no required means, it is effective when sent by the cutomary means, the same means, or a faster means. A slower means will be effective under the UCC if it is reasonable under the circumstances.
To be valid, a contract must not violate the law (constitutional, statutory, or case), nor be contrary to public policy in its formation, purpose, or performance.
Unless so required by the statute of frauds, contracts need not be in writing to be enforceable.
An express contract is stated in words- written or spoken. An implied contract is shown by conduct of the parties and by surrounding circumstances.
An executory contract has not been fully performed. An executed contract has been completed by both parties.
A memorandum of an agreement need not be in any special form. The requirements for the content of a writing under the common law vary greatly from state to state.
Both sales of goods and contracts to sell goods are governed by a combination of basic contract law and special UCC provisions on sales. Transfers of ownership of other types of property, such as intangible personal property and real estate, are governed by different laws.
Both benefits and burdens go with ownership of goods.
Merchants generally are held to a higher standard of conduct by the UCC than are casual sellers.
Neither payment nor delivery is essential for transfer of title.
Unless otherwise required by statute, sales or contracts to sell may be oral, written, or implied from the conduct of the parties.
Price may consist of anything such as money, services, or goods-whatever was agreed upon by the parties as consideration.
Payment occurs when the buyer delivers the price and the seller accepts it.
Receipt of goods occurs when the buyer takesphysical possession or control of the goods.
Acceptance of the goods occurs when the buyer indicates that the goods received are satisfactory.
A bill of sale may provide useful evidence of the transfer of title to goods.